Synopsis
A recent report reveals that India's AI sector is projected to exceed 2.3 million job openings by 2027, highlighting the urgent need for reskilling and upskilling to meet demand.Key Takeaways
- The AI sector in India will surpass 2.3 million job openings by 2027.
- Reskilling and upskilling existing talent is essential.
- The AI talent pool is projected to reach around 1.2 million.
- India has an opportunity to become a global AI talent hub.
- Global AI job postings have risen significantly since 2019.
New Delhi, March 10 (NationPress) The artificial intelligence (AI) sector is anticipated to exceed 2.3 million job openings by 2027, as indicated in a report released on Monday.
The analysis by Bain & Company revealed that reskilling and upskilling the current workforce is crucial to meet the escalating demand within the nation.
It projected that India's AI talent pool is likely to reach approximately 1.2 million, offering a chance to reskill over 1 million workers.
“India possesses a distinctive opportunity to establish itself as a global AI talent hub. Nevertheless, by 2027, job openings in AI are predicted to be 1.5-2 times greater than the available talent. The challenge—and opportunity—lies in reskilling and upskilling a substantial portion of the existing workforce on new technological tools and skills,” stated Saikat Banerjee, Partner and leader of Bain & Company’s AI, Insights, and Solutions practice in India.
Banerjee remarked that while “the AI talent shortage is a considerable challenge, it is not insurmountable.”
“Addressing this issue demands a fundamental transformation in how businesses attract, develop, and retain AI talent. Companies must transcend traditional hiring methods, emphasize continuous upskilling, and cultivate an innovation-driven environment,” he added.
Worldwide, AI-related job postings have seen a 21% annual increase since 2019, with compensation rising 11% annually in the same timeframe. Yet, the number of qualified candidates has not matched this growth, resulting in a widening talent gap that hampers AI adoption globally.
Almost half (44%) of executives identified a shortage of in-house AI expertise as a major impediment to the deployment of generative AI. This talent gap is projected to persist until at least 2027, with varying degrees of impact across global markets.
The report forecasts that in the US, one in two AI jobs may remain unfilled by 2027. In the next two years, AI job demand in America could soar to over 1.3 million, while supply is expected to fall below 645,000, indicating a need to reskill as many as 700,000 workers in the nation.
Germany is likely to experience the largest AI talent shortfall, with an estimated 70% of AI jobs unfilled by 2027. With around 62,000 AI professionals available to fill between 190,000 and 219,000 job openings in 2027, there is a significant opportunity for employee reskilling in Germany.
The UK might also face a talent gap exceeding 50%, with only 105,000 AI workers available to meet the demand for up to 255,000 AI jobs by 2027.
Similarly, Australia is projected to have a shortfall of over 60,000 AI professionals by 2027, with merely 84,000 AI specialists available for up to 146,000 jobs, according to the report.
